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Fidelity launches floating rate fund

BMO to launch six new mutual funds Keywords Fund managers,  Fund launchesCompanies Fidelity Investments Canada ULC Toronto-based Fidelity Investments Canada ULC launched the Fidelity Floating Rate High Income Fund on Tuesday. The fund’s objective is to provide steady income to investors through investments in floating rate debt of non-investment grade U.S. issuers or whose debt is denominated in U.S. dollars. Fidelity Investments unveils new climate-focused fund suite IE Staff Facebook LinkedIn Twitter Related news Share this article and your comments with peers on social media Wealthsimple launches Sharia-compliant ETF “With widespread uncertainty around how long interest rates can stay at today’s historically low levels, more and more Canadians are looking for investment products that can help mitigate the effects of rising interest rates on their portfolios while also seeking income from their investment,” said Craig Strachan, head of product with Fidelity, in a statement. According to Fidelity, the floating rate fund has the added benefits of mitigating the impact of interest rates on a portfolio, higher potential yields, greater diversification and seniority in the U.S. capital structure. Eric Mollenhauer and Kevin Nielson will manage the new fund. Fidelity manages over $90 billion in high-income assets and over $17 billion in floating rate debt assets. read more